Coinbase-backed Startup Launches Mobile App in Venezuela

Backed by popular cryptocurrency exchange Coinbase crypto startup Reserve has announced the launch of a crypto-fiat payments app in Venezuela and Angola, Yahoo Finance reports.

The Reserve project aims to solve both of these problems with a stable, decentralized currency that can’t be abused by a government because it is globally distributed outside of anyone’s control, and thus nearly impossible to shut down.

According to Yahoo Finance, Reserve is also about to launch its separate utility token, Reserve Rights (RSR), on crypto exchange Huobi.

The Co-founder & CEO of Reserve, Nevin Freeman, says that a lot of people, including some of Reserve’s investors, discouraged the company from starting in Venezuela.

“The hyperinflation there is the exact problem that Reserve is built to fix, and Venezuela is suffering the most inflation of anywhere in the world right now, so we felt that it had to be done,” he added.